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tv   Your World With Neil Cavuto  FOX News  July 29, 2011 1:00pm-2:00pm PDT

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"your world," is next and neil cavuto is in washington, dc, with the latest on the debt fight. you know it will be an interesting hour. see you next week. >>neil: from the capitol, welcome, everyone. the talk is, do we have enough capital? tuesday we hit up against our limit and we are not close to our deal. we are monitoring how it is reverberating in our capitol and in the financial capital, in new york, with the face of a potential serious financial duress of the country with stocks down north of 60 points for the dow jones industrial average and aless of better than 500 points on the week and that could seem like a big hit, but close to 97 points today, but obviously celebrated by day's
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end but with the losses here, we are battling reaction to not only no progress on talks in washington, but not much good news on the economy, in general, with more indications of that from a hot -- host of companies including merck laying off 13,000. and at 6:00 p.m. eastern, we are waiting for two hours when the house of representatives will take up the boehner measure. that is the measure that will include a balanced budget amendment to make it more palatable for conservative members who did not quite fine it their cup of tea. the tea partyers were not fond of it and even if john boehner gets the vote what happens after that? harry reid has all but said he will table it, and it is not going anywhere, and he has his own plan in the senate which will be introduced this weekend, which is not palatable to all of his members and may not make the
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60 vote he needs and after the senate would not get any support in the house of representatives. so we are at loggerheads. reaction from republican from ohio, the congressman, a very crucial vote member for the speaker to persuade. are you persuaded? >>guest: look, this bill is better the fact that we are continuing to focus on the need for a balanced budget amendment, everyone has to live under that and the federal government should do the same thing. i like where that is moving and i like there are no tax increases but i'm not going to support it because i believe the window of opportunity to fix this problem is closing so rapidly we have to have a balanced budget amendment now. link it to this first debt ceiling increase not the second. >>shepard: so even if he puts the balanced budget amendment in there that is still not good enough for you? >>guest: it would be good enough for me if it was required the balanced budget amendment go to the states, pass both the house and the senate. >>neil: right now from what you have heard proposed you
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would be yes or in? >>guest: no, because what they are doing is the balanced budget requirement is going into the second face. the bill says raise it one and in five or six months, the second phase. and we say before the second debt ceiling increase in five or six months then you have the balanced budget amendment requirement. i love that we are keeping them linked and that we are still talking about this because this is what the american people understand will fix the problem but it seems to me we should link it now. now is the point that counts. there are members on both sides of this issue. >>neil: we focus on the 87 freshmen this came in the great wave and the speaker has been trying to win each and every one of them over. and he worked you over. and it appears to little avail. when you met with him, what happened? >>guest: the speaker on the phone yesterday, and we talked about a different issue relative to the state of ohio
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districting, from freshmen--. >>neil: wait, wait, wait, there was no, don't vote my way ... >>guest: he said he has nothing to do with the stories that are all over the state. >>neil: the stories are you don't go along you could be redistricted. >>guest: i am fighting for a balanced budget amendment and that republicans would eliminate our district ... i find that very disappointing. >>neil: you saying that is not true? >>guest: the speaker said he had nothing to do with it and it is not true and he is a man of his wore. >>neil: they would not propose a vote if they did not think they had the votes. you thing it would pass? >>guest: that is probably what will happen and for those members in our conference, the conservative members who support it i understand because they are seeing the link that exists. that is positive. >>neil: congressman, thank you. i know you have a crazy schedule and we appreciate you taking the
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time. where we stand right now you heard from a very crucial congressman, one of the so-called swing votes that speaker boehner had to win over among his republican troops, and it would appear from what the fine congressman was saying he has not been won over. fair and balanced, a democratic perspective, a top democrat in the house of representatives, from maryland, congressman, very good to have you. you were very critical, sir, of tea partyers that they were holding this process hostage, et cetera. variations on that. now we hear from one who has said, even with the concessions the speaker has made he is not won over. >>guest: well, this is headed exactly the wrong way in the house of representatives. what we need to do is come together in a bipartisan way to get a deal for the country, and what speaker boehner had to do is indicator to one faction in his party and take it further in the wrong direction. he called for an adult moment and this is not headed in that
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way. you jurisdiction heard he is not able to get some of the votes of that component of his party even now. obviously he has enough votes to bring it to the floor but it is done in a way to make sure that the united states will default on its debt. >>neil: truth be told democrats have the same problem. harry reid has done the same in the senate, so why do we need the game of going through this today in the house of representatives or the senate, and they will not go further than the designated houses? >>guest: well, what harry reid has done is put together a compromise proposal. you have the mcconnell proposal he floated many months ago. >>neil: that effectively puts the own us on the president, raises the debt ceiling on your own, he has his finger prints, and not theirs, there is palatable. >>guest: at the end of the day a combination of all these things is the only feasible way
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forward. my point is time is running out so it is dangerous in the house take a step in the wrong direction away from compromise. the bill that the speaker had on the floor last night would not get a single democratic vote. now he coming forward with another bill that is further to the right in order to get folks from his own caucus. that is what you call headed in the wrong direction. >>neil: do you think nancy pelosi advanced the cause when she said republicans were putting everything at stake. >>guest: what is not crazy talk is if we did not pay our bills, if america and not pay its bills for the first time in its history it will have a terrible impact on families. interest rates will go up. retirement funds will go down in terms of value. that is devastating. >>neil: do you think that language forwards the debate?
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>>guest: the economic consequences are very severe. >> you say if we don't make the deadline we are defaulting effectively? >>guest: this is not what i am saying but this is what the chairman of the federal reserve said. this is what the rating agencies tell us, standarded if -- standard & poor's, and moodiy's. the issue is not meeting our obligation. we have a range. but the reality is if one of us said we would not pay our north, only our car payment it would impact our credit worthiness could if we did not meet our obligations, although they are not bondholders it makes everyone say, well, the u.s. government, will they meet their commitments? that the impact interest rates. >>neil: are we going to be
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downgraded regardless? >>guest: i hope not. we are trying to make sure the united states maintains our credit worthiness and we do not default for the first time in history. that send as terrible message to our country and the world. >>neil: i talked to credit rating agency folks who have been saying, sir, a rushed together deal is not necessarily good. they have broken apart the boehner land and the reid land and have not touched the mcconnell plan but they say the savings are not you have to par with what they want to see over the next decade and the near term cuts are not up to par so i have a feeling that despite your hard work they will downgrade you anyway. >>guest: i hope not. we have to make sure that america pays its bills and we have to come up with a deficit reduction land to make sure we address the long-term issues in the country. they have been artificially linked here.
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>>neil: how confident are you? >>guest: i am confident with good will we can get them done. what has happened by manufacturing the crisis over the debt ceiling to get leverage not just to reduce the deficit but to reduce it a particular way, that has been the problem. we are open to reducing the deficit. >>neil: you are not open to coming up with a budget. >>guest: that's actually, the president has laid on the table, as you know, a framework proposal based on a bipartisan group. >>neil: his budget was rejected bien. >>guest: he put on a proposal for $3 in spending cuts for every $1 in revenue great closing the tax loopholes. >>neil: in your gut you think there will an zeal? >>guest: i believe that, but i am an optimist. more based on hope than facts. >>neil: we are all over this story and the congress will work and the clock on this and we will work and the clock we have
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barney frank and ron paul one of the gang of sex members and mike crapo in an hour and a half on the same subject and we are back live tomorrow with some of those fine gentleman including congressman scott of south carolina who some say was strong-armed by speaker boehner to go ahead and he was not impressed. this was then. this is now. he will be back with us. ron johnson will be here, as well. what happened? all the parliamentary rules and how they handle it. [ male announcer ] to the 5:00 a.m. scholar.
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>> what is clear is any solution to avoid default must be bipartisan. >> this is not a situation where the two parties are miles apart. >> the president indicating what he addressed to the country, that maybe this is not as much of a drama as we have been led
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to believe and the two sides are closer than we have been led to believe on the surface we have seen they are indeed miles apart talking how the house of representatives is voting on a speaker boehner measure that would go up and down party line vote by and large and will be voted on exclusively "yes," by republicans, not a single democratic member supporting and a good portion of the 87 new republicans, rejecting that. and then over to the senate and hear says this is dead on arrival i have my own land and harry reid's plan has been repudiated already by john boehner and republicans in the house of representatives who say your plan is dead on arrival. on the surface it does not look like they are making much progress but that is on the surface what we are seeing. who would know better than the guy in the middle of this, senator ron johnson. for a guy working all night you
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look rested. >>guest: i got some sleep. >>neil: where will this end? >>guest: supposedly there was a deal last sunday, majority leader reid and mcconnell had a deal with speaker boehner and it fell apart and we have gone through the process. i think the boehner is significantly improved. >>neil: how? the balanced budget amendment part? >>guest: from my standpoint i have believed if we are going to put, instill fiscal discipline in washington, we will have to enshrine that in the constitution and, 74 percent of the american people agree with that. >>neil: but then you have to get the senate to go along, and not help coastlined to at this point, so, we are back--. >>guest: i understand, chances are that bill will come over here and it will probably fail, unfortunately, and it does not sound like we will be given a chance to debate it in the senate. like cut, cap, and balance.
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>>neil: you have these weird rules you wait for 30 hours. so, just that is how the senate works you don't get anything done right away. right? it is like a slow horse. >>guest: you can do things expedited basis, and we will probably do that, and get by the two bills. >>neil: by tuesday? when you need a decision? or not? will we blow that decision? >>guest: there are not too many that want to test the august 2nd deadline is ploy guess is we will get something accomplished even if it is short-term deal we will get something done. it will be something that increase the debt ceiling for a few deals. >>neil: and vote and you have a permanent extension. >>guest: i am optimistic. we are talking the largest single extension of the debt ceiling was last february of
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2010 a $1.9 trillion. before this we never increased it by more than $1 trillion, ever. so now, this is more borrowing, more debt, from our funding to the end of the reagan administration. i put that in perspective, that is how much they are asking republicans to increase the debt ceiling. it is important to have the american people understand what is at stake here. $14.3 trillion worth of debt and that would not be a problem if the economy was $100 trillion but it is not it is $14.8 trillion and you saw the economic results. they downgraded the first quarter, anemic growth in the second quarter. we have to get our act together in washington and have a credible plan to restrain growth in spending. we are not talking about cutting much, the dinner cuts $22 billion in the first year otherwise just cutting the rate
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if growth. that is an important distinction. >>neil: we are following so much here, and did i tell you it is very hot here? they have the 50' windows, and it is what, guys, 100 degrees outside? and all 1:00 o'clock degrees of that is coming in here. but you walk only 10' in the hall, non-windows and it is ten degrees cooler so i have had to ask everyone if we can do that tomorrow the hallway. when we do this. anyway, someone has said he is getting hot and bothered by this and it has nothing to do with the heat outside donald trump. stick around, continued live coverage.
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>>neil: we talk about wall street and what it is doing for the week, and many say this is because of the lack of progress on a debt deal but that is not true, much is because of weaker an qurter weaker tha they thought. and the quarte before was barely growing at .4 percent, close to recession as you can get and it worried donald trump a great deal, the real estate maverick jones -- joins us on the phone. we could be going into a double dip at the time this country could be going into a potential government shut down, right?
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>>caller: the country is doing poorly and being laughed at all overtime world and no one knows what is happening over here i have friends in europe and other places and they call me and they say, are they for real? the politicians, what is going on, is unbelievable and we have for leadership at the top. obama is not leading. he is sitting back, not leading, not doing anything and it is very sad. the republicans are out there, trying to straighten things out. they may not be getting so -- along so well with each other but they trying to get the big solution. >>neil: what do you think of the tea partyers who john mccain is criticizing for holding this process hostage? in other words, insisting they don't give any entertaining of tax hikes, whether you call them tax hikes or not, that they are tolding this system back? what do you thing of that? >>caller: i absolutely love the
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tea partyers, they have made the people in washington thing for the first time in years and they are doing the right thing because they have to get ... two years ago you did not know what the word $1 trillion meant and now that is all you hear "trillions." we will soon owe $15 billion, forget the $14 billion, that is obsolete after a couple of months. we will be over $15 trillion. >>neil: would you take either deal on the table? one called for cutting spending or slowing spending. slowing the growth of spending by--. >>caller: they are not talking about cutting. >>neil: which of the deals would you accept or would you reject both? >>caller: over a period time we could become great with a balanced budget amendment, what is interesting and it is amazing it is not spoken of, just incredible, other countries are eating our lynch.
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we need the economy to come back. and all of a sudden the numbers sort of disappear and they can disappear quickly. we should be making the money that china is making. we should be making the money that opec is making. >>neil: what do you thing of china jumping ugly on us saying the donkey and the elephant to paraphrase an editorial, are making a mockery of the process and they will not be buying stuff in the future? >>guest: they have absolutely in respect for us, and they are buying very little of what we have right now. if you look at the difference define what we i would from them it is a joke and now they have editorials, do not buy the little remnant we are buying, they are making our products, manipulating their currency, making it impossible. the fact is their leaders are smarter than our leaders and if we could make our economy work this would take care of itself in the budget, i never hear anyone saying that.
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they talk about cutting, and i think cutting is absolutely important because the waste is unbelievable. but, the best thing of all and if you could get the economy going again. and you can't do that when open if evening and china and others are ripping this country to shreds. >>neil: you can do your part, donald, with all the money you made if you just forked over, say, what of it you could balance the budget now. >>caller: well, it would certainly help. >>neil: very good having you my friend. and now, charles payne, big star on fox business network. charles, what donald is saying how we are looking like a joke to our lenders, he is not too far off the mark whether you are republican or democrat, that is the case. >> that is 100 percent the case. people say we have been here, remember after world war ii, the debt has been this big and it is
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not a big deal never before in our history hashe rest of the world been at our heels the way they are now. in germany they reported the best retail sales, ever, ever, ever, 25 months of unemployment in a row going down every single month. the rest of the world is still rocking and rolling and they can do it without us. >>neil: what is going on? stocks are their own story. it is not exclusively the debt but if we look at the corner of wall and broad, i want to focus on what is going on on the treasury market, as well. we look at that, that is the real story, because if those guys are afraid there is going to be some huge financial problem in washington, they have a funny way of showing it. the rates have again down and treasury securities have gone up, what gives? >>guest: we win by default not the default everyone is talking about. if you have cash, where will you
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put it? you will not buy european debt because outside of germany the story is not that great but it says--. >>neil: you are saying we benefit simply because we sink, they sing more. >>guest: that is a way to look at it and we are riding the fumes of our great success. a lot of people remember how great we used to be, and we are still seen as a place of safety but that will change. the new imf chief talked about the u.s. losing its status as the world reserve currency, and not the first time the i.m.f. has said this and obviously at some point it is inevitable, and we should not take for granted the fact that there is no real panic right now in treasuries but it will always be that way so do not think that. >>neil: if the amount -- reality hits we will not make the deadline, is wall street operationed? >>guest: wall street is embraced and they will accept that we will be downgraded from
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aaa to aa. it does not mean that wall street cannot panic, there have been so many fanning the we fear of panic it may not take a lot but a very interesting session considering the g.d.p. number and consume confidence or lack thereof, it is amazing it has held up this well. maybe they think the fed will come back in and make this right. >>neil: they are looking for the savior but no save your -- savior yet. all right, we will have mark levin on the conservative republicans for bowing. stay tuned.
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but said, you can get it through but it is dead on arrival with us, and the house sent it back to the senate, and we snow you are working on a plan with harry reid and that legislation is not appropriate for us so everyone is waiting and sweating. well, me, waiting and sweating. and mark levin is joining us on the phone, the constitutional attorney. if you listen to his radio show he has been ripping, ripping, ripping, especially those republicans who are going along with john boehner and mcconnell trying to find middle ground and you could say of mark levin he is holding this deal hostage. >> i congratulate john boehner he will get a bill passed that does almosting in to cut debt, that will be dead in the senate, they will strip out the been ban -- strip out the balanced budget amendment part and take the bane
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bill, put the new names on it and call it reid and mcconnell to the house, and then obama will find it so i congratulate all of the hacks in washington but, they can throw their fast balls but some of us see them. >>neil: you have been saying that remember those who are doing this. remember those who are caving, et cetera. what do you mean by that? >>guest: when people vote they need to make a decision. i don't to this is the end all or be all but some of the members who ran for office insisting they with not do what they are doing now, they should be challenged. and if they want people to vet for them they have to do what they say they are going to do. but we will see what happens. the tea party, it depends on how people behave. if someone says honestly, i decided to vote for the boehner bill which is the boehner and
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reid and mcconnell bill, that is fine, if they say, these people are vein, this, or that, they ought to have their ass kicked out of congress. >>neil: so now a number of them are siding with john boehner and as you accurately pointed out, it will not change the basic legislative dynamic going nowhere in the senate or the house and we are up against the deadline. >>guest: no, no, no, this has been worked out. it will go to the senate, mcconnell and reid have not been smoking cigarettes, they have been working with boehner. they need--. >>neil: the mcconnell backup is something like giving the president 14th amendment type powers raising the debt ceiling and they work on budget cuts in stages and the idea is this deal gets done but not to your liking. >>guest: putting aside the
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14th amendment because the president doesn't have to do anything drastic and he won't, the president will sleep well tonight, and--. >>neil: you think a deal is done? >>guest: i think a deal is all but done and they have been working on it and boehner had the guys walk the plank for something that is not even going to happen and the boehner plan is the mcconnell and reid and boehner plan, and, do you know who went to obama and insisted not to raise taxes? it wasn't boehner, boehner had $800 billion in revenue increases. it was harry reid because harry reid, you see his plan? no tax increase. he wants to save, he has 23 seats, most democrats, and he does not want them run on tax increases so all the talk, patting ourselves on the back, it was reid who told obama "no"
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on taxes. >>neil: you can be nicer on your show but always a pleasure, thank you, buddy. unions have been getting in the act, too, blaming republicans and particularly one very important republican for holding this up. the union is not talking but the senator certainly is. turn left. you have arrived. sweet belt. e-reader for textbooks. gps. video camera for lectures. game pad. have you considered this ? it's got all tha and more than 200,000 apps. technology to learn and play on-the-go. only at verizon. android powered. playstation certified. the xperia play by sony ericsson.
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>>neil: a union ad attacking republicans including my guest, john thune, the senator from south dakota, for pushing legislation, or blocking any attempt to save this country from the debt crisis. so, senator, you are singlehandedly destroying the country. >>guest: well, it looks like they rounded up the usual suspect and now the defenders of big government are running ads. >>neil: this is familiar theme. that by blocking a debt debt hike for whatever reasons, social security recipient are sure, our medicare recipients are hurt. >>guest: this is
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fearmongerring. either way, we will have a deal. but in the over vent we didn't, you will protect social security accept recipients and military, and you will pay bondholders. that will be taken care of. the ad is come floatly off -- completely off the mark playing politics. we did not need that. we should focus on fixing the problem. my view is we ought to be doing less of that and more of sitting down and trying to figure out how to get there between now and tuesday. >>neil: the house is still pushing this measure, i know, and the senate separately, through harry reid is pushing his measure, and you are not a fan of that measure, and he could have trouble rallying democrats, what is the backup, plan d or c? >>guest: the only plan that passed is cut, cap and balance and now this will pass. it will come here and if it does
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not get the votes and the reid plan does not get votes we ought to sit down. >>neil: if he took that up would that change things for you? >>guest: if reid takes up his plan he will get a vote. why foe how that comes out at this point. i hope we could defeat it. it needs to be strengthened. you have to have something this can get 216 votes in the house. you could get, if you figured out a way to make changes in the reid bill to make it stronger and make the cuts real and put a process in place to allow for real entitlement reform to occur, which his bill does not you could bridge the difference. i don't thing they are that far but if the reid bill passes in the senate, it will get defeated and that does not help anyone so we need to set up negotiation and come together and solve this. it can happen. i believe it will. >>neil: senator, would it be a kick in the fannie if the rating
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agency downgrades regardless? >>guest: they could and i hope they won't but my view is we have to do what we can, to figure out, right now it is a matter of math it will be 216 in the house and secretary votes in the senate. what can get a presidential signature? we have done what we can as republicans in a government controlled by a liberal president and a theft center senate democrats that to get as much as we can in terms of spending reductions but we need to get to done and i hope we get the best possible deal. >>neil: thank you, senator. thank you very much. to update you again on where this process stands we are waiting in the next hour, although there is talk the vote is delayed for the house to take up the john boehner measure cutting roughly $1 trillion for a like amount in the debt
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limiting and everything goes well with that the second phase kicks in and another roughly $1.8 trillion in spending cuts and a rise in the doubt -- debt ceiling but the devil is in the details. although in the house it is expected to get vetted -- voted on and aproved but the sat has said we are not going to approve your bill. and, now, all of the attention turns to the senate and those who can make a deal and those who bridge the divide between the two parties. you have heard of the gang of six, republicans and democrats trying to reach a middle ground, mark warner, democrat of virginia, a crucial integral player who could find a middle ground. someone said you were working out in the gym? >> driving so many people crazy i had to go for a moment because what we are doing is waiting on the house of representatives to act.
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>>neil: you cannot do anything until the house februaries? >>guest: most americans do not get this. as a new guy i don't get all the procedural constitute. i come back to, and frankly, almost begging every member, democrat and republican, the only plan that actually gets us close to $4 trillion in debt reduction that has democrats and republicans actually agreeing, we are about 36, is the gang of six. it takes on tax reform. takes on entitlement reform. cuts domestic spending and makes everyone a little bit mad, but the alternative at this point, and all we are saying is, whatever plan comes out, i don't think boehner will pass in its current form. >>neil: what does harry reid say? >>guest: there is reluctance about any thing. he is open to it if republicans would act and show support. they want to wait until we have played out the aspects.
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>>neil: but the left is more left, the right is more right and now it is the financial hatfields and mccoys. >>guest: there was not a single political leader responsible person in america that said we would not get it done. why want to be part of a congress that has america default on its obligation. >>neil: how risky is that? i am told with a wink and a nod rating agencies have been told, the august 2nd thing is not real. >>guest: the cost to the market but to our public confidence, a confidence around the world, the fact there will be some folks we know in the market that, whether it is the contracts on contract default stocks, why roll the dice? this means default missing the
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deadline. it is default. >>neil: technically it is not. >>guest: after we set up every political leader every democrat has said we have to get it done by august 2nd and if we fail, shame on all of us. >>neil: you think that is what will be happening because we are getting word that moody's will review for a downgrade likely to conclude with the confirmmation of aaa mating but with a negative outlook, and they are saying you are not out of the woods and we may find a way to grade you on the curve. >>guest: a debt downgrade is the same thing as a tax increase on every american. >>neil: good point. good point. >>guest: for all of us including those who will be paying more money for politicians not doing their job.
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>>neil: hope you don't work through the entire weekend. moody's is among the rating agencies, and the s&p, the big ones, and they will decide whether the theater that is going on he warrants continuing the aaa rating this country has enjoyed for the better part of the last century. in the middle of this hot debate, any time, for this kind of debate. >> if you ask me, the real crisis we have in this country is a jobs crisis because if people were working--. >>neil: fine, but 800 days without a budget . >>guest: we are having a conversation. >>neil: fine if you are offer fended i apologize, congresswoman, we are in a disaster here and you are more offended by how i refer to you. that's the problem. okay, i learned my lesson and i will never refer to a female
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congresswoman or senator as "maim," i will never hold the door open for a woman. i will never, ever ... in fact, i'll never be chivalous. in fact i will continue to be a jerk. and now a guy looking for a middle ground, a blue dog, the cal ripken of congress, in general, congressman, you have never missed a vote. >>guest: that is right out of 4,200 straight votes. >>neil: good for you. the big vet tonight, how would you vote? >>guest: i will vote "no," because i don't like the two step process, i can't imagine anyone on the planet that thinks it is a good idea to put us in this position six months from now. we have to avoid default that has to be the first priority but nothing about the process can inspire confidence in the
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financial markets. we have to give them certainty that we will not put ourselves six months from now. >>neil: every democrat votes against and speaker boehner gets most republicans given the absence he is 213 votes. but, whatever, it passes. then what? >>guest: then it will come to the senate and it will fail in the senate and hopefully senator reid will have a land he is ready to send to the house and there has to be a backup plan ready for tuesday. >>neil: why think you will be ready. >>guest: we have to. default is the number one issue. >>neil: there are doctors that say you have to lose weight, and my doctor says the same thing but i don't follow the doctor's orders so what i am telling you if we are at tuesday without a deal, senator warner said that is the equivalent of default. what do you say?
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>>guest: i think the date itself and whether we meet our credit objections probably is a little bit flexible, an our more -- a day, maybe, but the issue is the credit markets markets ht confidence in our ability to deal with this issue. so, if we get to fuse -- tuesday and we have not dealt with it that confirms their suspicions. >>neil: and mcconnell has a backup plan, not a 14th amendment thing, increase the debt ceiling and they work out a multiple stage process to come up with something, but because it is vague everyone rallies. >>guest: again, there has to be the back medium plan if we cannot come to a major agreement for a long-term reduction in the deficit we have to have a plan and hopefully that will be it. >>neil: you came here a few years ago. did you think you would be in the middle of a budget fight looking at a government shut
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down and now one where we are in a debt fight, a credit downgrade, and another government shut down. >>guest: and september 30th the fiscal year ends and we will be back here again and we cannot do a six month deal because we will be in the deficit. i want to get this out of the political process and inspire confidence we are ready to deal with to issue. >>neil: congressman cal ripken good to see you. perfect attendance in school? >>guest: not like this. >>neil: well watch this closely. there is something being left out in the degate i will run some numbers by you. some numbers that will put this in perspective. [ male announcer ] the network --
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>> neil: $3.7 trillion, i'll leave you with that number, because that's how much this government has been spending over the past year, $3.7 trillion. we have a deficit. the two plans up for debate right now shade in their respective year $38 billion up to $56 billion. remember what i said. $3.7 trillion, the cuts they're talking about, the big debate, the big onerous back and forth, i hate you, i hate you more, relative chump change in the scheme of things. we're arguing over this, no wonder we're in the pickle we are, and no wonder we feel obligated to stay here throughout the weekend
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